Foremost electric car company Tesla Inc. has announced its Q1 earnings for 2021.<\/p>\n
Apart from the revenue gained by the sale of its electric sedans, the US auto company said that Bitcoin played a role in their impressive first quarter.<\/p>\n
Tesla bought $1.5 billion worth of crypto in early February 2021.<\/p>\n
This move had two-fold positives; it first brought the world of cryptocurrencies into public view, and it caused the world’s oldest cryptocurrency, Bitcoin, to make a new ATH trading over the $50,000 mark.<\/p>\n
And if anything is to go by its recent earnings report, the foremost crypto asset is repaying the investment.<\/p>\n
In a release<\/a> by the company on Monday, the company’s revenues shot up 74% in Q1 2021. It also said that it had made $438 million in net income on a generally accepted accounting principles (GAAP) basis.<\/p>\n The Space X twin said the sales of its regulatory credits climbed to $518 million in the same quarter.<\/p>\n However, its non-GAAP net income surpassed the $1 billion mark, a first for the company.<\/p>\n Tesla’s earnings climbed 14 cents to 93 cents per share, up from 79 cents from last year’s earnings. Its revenue also rose to $10.39 billion from $10.29 billion in Q1 2020.<\/p>\n Bitcoin also had a role to play as it ended up putting $101 million into the pocket of Tesla.<\/p>\n Elon Musk had stated that only 10% of its total stake in BTC was sold to see if the digital asset was more liquid than holding cash on the balance sheet.<\/p>\n No, you do not. I have not sold any of my Bitcoin. Tesla sold 10% of its holdings essentially to prove liquidity of Bitcoin as an alternative to holding cash on balance sheet.<\/p>\n — Elon Musk (@elonmusk) April 26, 2021<\/a><\/p><\/blockquote>\n\n